Obama targets multinational corporations

The President announced today his administration's plans to crackdown on tax loopholes for U.S.-based multinational corporations, which he says will save $210 billion over the next 10 years. He began his remarks with this statement: "Let's begin with a simple premise: Nobody likes paying taxes, particularly in times of economic stress. But most Americans meet their responsibilities because they understand that it's an obligation of citizenship, necessary to pay the costs of our common defense and our mutual well-being." Click here more information on this morning's announcement.